Ethereum Foundation Sales Coincide with ETH Price Drop Amidst External Criticism

The Ethereum Foundation has reportedly disposed of approximately 7,500 ETH, valued at around $14.5 million, over a four-day period. This activity coincided with a significant drop in the price of Ethereum (ETH), which has fallen to multi-month lows, and has drawn criticism from figures like Peter Schiff.

Ethereum Foundation Sales Details
The latest transaction involved the Ethereum Foundation selling 2,500 ETH for 4.6 million USDS, executed through CoWSwap. The proceeds from this sale were transferred to a multisig Safe wallet. This follows a broader trend where the Foundation has disposed of a total of 7,500 ETH in the past four days.

ETH Price Action
During this period, the price of ETH has experienced a notable decline. On November 4, ETH was trading around $2,450. By November 9, the price had fallen below $2,100. The downward trend continued, with the price breaking below the $2,000 psychological support level on Thursday and reaching its lowest point in almost three months, just above $1,800, during a market-wide downturn on Saturday. Overall, ETH is down by over 25% since November 4.

External Commentary
External commentary has also focused on ETH’s price performance. Peter Schiff has extended his criticism to ETH, outlining a scenario where the price could drop to $1,000 or lower. According to Onchain Lens, Schiff suggested that if ETH breaks the uptrend at around $1,600, the next support level would be the 2022 low near $1,000, with further declines possible if this level fails.

Context and Uncertainty
While the Ethereum Foundation’s selling activity and external bearish commentary have occurred concurrently with the price drop, the exact extent to which these factors influence ETH’s trajectory remains subject to market dynamics. The specific motivations behind the Ethereum Foundation’s accelerated selling spree are not detailed in the available information. Similarly, the future price of ETH beyond current predictions is uncertain.

The current market conditions have seen a broad decline across cryptocurrencies, with Bitcoin, XRP, and other altcoins also posting losses over the weekend. This contrasts with typical weekend market behavior, which is often calmer.

Why This Matters

The Ethereum Foundation has sold approximately 7,500 ETH, valued at around $14.5 million. The exact total amount of ETH sold by the Ethereum Foundation and the specific reasons for this selling spree are not detailed in the available information, and the future price of ETH beyond current predictions is uncertain.

Broader Context

Although weekends are typically calmer within the cryptocurrency community, this one is an evident exception to the rule, with BTC, ETH, XRP, and essentially all other altcoins posting fresh losses.